Property Overview: 492 Meadowood Drive
Key Characteristics & Appeal
This 1,080 sqft bungalow, built in 1974, presents a distinct value profile in Winnipeg's Meadowood neighbourhood. Its primary appeal lies in its efficient use of space; the living area is notably larger than most similar homes on its own street, ranking in the top 1%. This suggests a well-proportioned home that may feel more spacious than others on the block.
However, the property's value story is nuanced. Its assessed value is consistently below average across all comparison levels—street, neighbourhood, and city-wide. This, combined with a smaller-than-average lot size, indicates a potential value opportunity for buyers comfortable with a compact yard. The home last sold between 2018 for an estimated $200k-$250k, a price point that was below average for the area even then.
This property would suit practical, budget-conscious buyers such as first-time homeowners or downsizers seeking a move-in-ready bungalow in an established neighbourhood. It’s less suited for those prioritizing extensive outdoor space or who view a larger lot as a primary investment. A thoughtful perspective is that the below-average assessment could represent a lower property tax burden, while the efficient interior space offers livability without excess maintenance.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's specific characteristics, like its lot size and the home's features, compared to similar properties. Its below-average ranking suggests the lot is smaller and the home may have different attributes than the broader Winnipeg average, which includes newer or larger homes on bigger lots.
2. The home sold in 2018. What is its exact sale price?
The exact sale price is not publicly listed in detail. The provided range is based on available public data. You can request the precise historical sale price by emailing the listing service, which provides it manually without marketing spam.
3. The living area ranks very high on the street but only average in the wider area. What does this mean?
It means this home is one of the more spacious compared to its immediate neighbours on Meadowood Drive. When compared to all similar homes in the broader Meadowood area, however, its size is about average. This highlights the importance of context; it's a larger home for its specific block.
4. What are the implications of having a smaller lot?
A smaller lot (2,699 sqft) means less exterior maintenance and yard work. It may also limit potential for large additions or extensive landscaping. The trade-off is often a lower purchase price and property tax assessment, as seen here.
5. How can I see how this property compares visually to its neighbours?
You can use the provided link to open a neighbourhood analysis map. This tool allows you to see the property in geographic context and compare key metrics like year built and lot size with nearby houses.